Truist Financial Is New Name for Combined BB&T, SunTrust

Date : 06/12/2019 @ 9:20PM
Source : Dow Jones News
Stock : Suntrust Banks, Inc. (STI)
Quote : 65.39  -0.35 (-0.53%) @ 12:59AM

Truist Financial Is New Name for Combined BB&T, SunTrust

Suntrust (NYSE:STI)
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By Allison Prang 

BB&T Corp. and SunTrust Banks Inc. said Wednesday they will adopt the name Truist Financial Corp. when they close their merger, the biggest bank deal since the financial crisis.

The companies announced in February they would combine in a deal that has been valued at $28.2 billion. At the time, they said they would adopt a new name and leave both of their headquarters cities for Charlotte, N.C. They worked with global brand consulting firm Interbrand to decide on their branding, they said.

The bank will be called Truist Bank. It will be the sixth-largest retail bank in the U.S.

The companies expect the deal to close in the second half of 2019. While shareholders of BB&T and SunTrust will vote on the merger, only BB&T's shareholders will vote on the new name, the companies said.

BB&T and SunTrust said earlier Wednesday that they selected a high-rise building in Charlotte's financial district as their new headquarters. The companies said the combined banking enterprise will take up more than half of the tower's space and ultimately have around 2,000 employees at those offices.

BB&T is based in Winston-Salem, N.C., and SunTrust is based in Atlanta.

 

(END) Dow Jones Newswires

June 12, 2019 16:05 ET (20:05 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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